Reasons Why Side Hustles Are More Important Than Ever
Life can be fairly unpredictable; this saying has definitely been confirmed by the year 2020. The brought in a lot of destruction, both personally and financially. Those who have been less fortunate felt the financial uncertainty in a more drastic manner. Nevertheless, everyone experienced pandemic tremors in some or the other way. During this time, most people have recognized that relying on just one source of income can become a potentially disastrous situation in the long run. This made us realize why side hustles have become more important than ever.
However, side hustles have been a way of living for many individuals before the pandemic as well. Motivation or reasons behind signing up for any such side gigs can vary from individual to individual. Data suggests that around 45% of Americans have some kind of income source apart from their regular 9 to 5 jobs. Following statistics indicate why individuals must be choosing side hustles.
What Can be Referred to as a Side Hustle?
If anyone embraces their hobbies or any skillset as another source of income apart from their regular 9 to 5 job, then such an undertaking can be considered as a side hustle. A side gig can be a freelance type of employment or any privately owned small business. If executed successfully, a good side hustle can take the form of full-time employment as well and can create potentially numerous business opportunities. However, it will work only if you absolutely love doing it.
Nevertheless, one must remember that he/she will require enough patience, dedication and perseverance to make the side gigs successful or generate a recognizable income from it. Furthermore, technological developments have made it easier for any person to start side hustles. Thus you will find that some of the most popular and best side hustle ideas are technology-based in some or the other way. Anyone can take capitalize on available technologies and make the most from it.
Reasons Why Side Hustle is Important
Following are the main reasons why side hustle is very much important and considered as a need.
1. Generates an Additional Stream of Income
One of the obvious reasons why people take up a side job is to create another source of income. Having another source of income can be extremely empowering. With an extra income at hand, it relives burdens off your mind and gives you an assurance that you have something meaningful besides your day job. One can explore their passions, helps you learn new skills or develop existing skills. Also, it enables you to be more self-reliant.
2. Have the Potential To Grow into Full-Time Employment
Apart from being a great source of income, side hustles hold the potential of turning into a full-time business. If you possess any unique skill you can put in some extra effort and make an effort to improve your skill.
Harley-Davidson whose name is considered synonymous with motorcycles all over the globe also started their business as a hobby. Their passion for innovation drove them to manufacture modified motorcycles. However, this business became quickly profitable and now it is a global brand. Also, it’s one of those only a few motorcycle businesses which survived the great depression. Moral of the story, do not underestimate what a side hustle can do for you in the future.
3. Enables You to Pursue Your Dream Job
Not all are fortunate enough to have a profession they are very passionate about. Also, not all type of hobbies can be monetized or can be converted into well-paying jobs. However, side hustles will give you the rare chance to benefit from an activity you love doing while having separate full-time employment.
4. Contribute More to Your Savings
In order to lead a comfortable life and to ensure a better future, wealth accumulation is a necessary goal for any individual. However, due to various limitations, regular expenditures, etc., many individuals will not be able to save a large sum every month. Having a side gig will make it easier to contribute additional cash to investments or to have a certain discretionary income at hand each month.
5. Get Better Returns with Less Investment
The current remote working trend is here to stay. Moreover, experts predict that remote working is going to become the new normal. Technology has enabled us to achieve this comfort of working remotely. Individuals can take advantage of this opportunity and start their online side hustles with little or no initial investment. This way one can take as many freelance jobs as he/she wants without needing to leave their homes.
Additionally, today it is possible to gain more knowledge related to your professions as sources are readily available through the internet. You can also learn a new skill that is highly marketable. Thus starting a side hustle from home has become easier than ever before.
But How to Get Started with a Side Hustle?
There are numerous opportunities available in the market for those who want to pursue side gigs. Nevertheless, the amount of income from each job will differ based on the type of work and that may be a key consideration for many individuals.
In addition, the side hustle must be able to provide you with the requisite flexibility and freedom to work from anywhere. However, finding such jobs is not that difficult.
On the other hand, it is difficult for many freelancers to get constructive feedback about their jobs. This makes it hard for them to recognize the areas in which change is needed. It is therefore worth considering a side hustle that will allow you to obtain clear information about your performance.
After considering these prerequisites, you can start searching for side gigs on professional websites such as LinkedIn or Upwork etc. Contacts on these websites are far more reliable than any other social media website. On these websites, you can contact concerned experts, enquire about opportunities and can also get necessary guidance.
Following are some lucrative side hustle ideas
- Selling cloths on e-commerce websites like Amazon
- Blogging or freelance writing
- Print on demand
- Freelance website development, graphic designing, SEO experts etc.
- Offering Photography services
- Providing delivery services
- Product demonstrator
- House cleaning
- General labor, plumbing etc.
- Tutoring or providing coaching
No Pain, No Gain
These ideas do seem attractive, but one must remember that side hustle implies giving up some of their free time after work. Thus one must take up side hustles by weighing all pros and cons.